Tag: Business Studies

What are customer needs?

Select ONE answer:

1. Market research that has been collected by another business.
2. The quantity of a good or service that consumers want to purchase at a given price.
3. Solving problems using a creative approach.
4. The wants and desires of potential buyers of goods and services.

Show the workings to arrive at your answer, and explain and justify your reasons:

What is lateral thinking?

Select ONE answer:

1. Market research that has been collected by another business.
2. The quantity of a good or service that consumers want to purchase at a given price.
3. Solving problems using a creative approach.
4. The wants and desires of potential buyers of goods and services.

Show the workings to arrive at your answer, and explain and justify your reasons:

What is market demand?

Select ONE answer:

1. Market research that has been collected by another business.
2. The quantity of a good or service that consumers want to purchase at a given price.
3. Solving problems using a creative approach.
4. The wants and desires of potential buyers of goods and services.

Show the workings to arrive at your answer, and explain and justify your reasons:

What is secondary research?

Select ONE answer:

1. Market research that has been collected by another business.
2. The quantity of a good or service that consumers want to purchase at a given price.
3. Solving problems using a creative approach.
4. The wants and desires of potential buyers of goods and services.

Show the workings to arrive at your answer, and explain and justify your reasons:

Lucy wanted a change from working for someone else at the local art supplies shop.

She wanted to set up her own business selling art supplies.

She estimated that it would cost her £35 000 to set up.

Select ONE answer:

1. Lucy has calculated that her Value Added Tax (VAT) will be £2 500
2. There is a 70:30 chance of Lucy’s business failing
3. She estimated costs for the second year of trading will increase by 15%
4. Lucy has estimated that the demand for his products will increase by 25%

Show the workings to arrive at your answer, and explain and justify your reasons: